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2024-2033 Cannabis Testing Market Growth Rate: What’s the Forecast?

The size of the cannabis testing market has seen a fast-paced expansion in the previous years. The market is projected to soar from $2.54 billion in 2023 to $3 billion in 2024, with a compound annual growth rate (CAGR) of 18.4%. The progress during the historic period can be credited to factors such as the globalization of the cannabis market, worries over consumer safety, adherence to regulations, assurance of product quality, public health and safety, and transparency in the supply chain.

The anticipated swift expansion of the cannabis testing market is set to reach $6.05 billion by 2028, with a compound annual growth rate (CAGR) of 19.1%. This predicted progress during the forecast period is due to the continued legalization and tightening of regulations, quality assurance in cultivation, genetic testing, rise in research and development activities, and heightened public consciousness and education. The forecast period will also witness significant trends such as advancements in technology, quality management in cultivation, microbial testing, analysis of cannabinoid profiling, and tests for pesticides and residues.

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What Drivers Are Accelerating the Growth of the cannabis testing Market?

The surging incorporation of cannabis for medical treatment is anticipated to foster the progression of the cannabis testing market. Cannabis aids in alleviating tension and muscle-related conditions, along with diminishing the side effects of nausea and vomiting caused by chemotherapy. Thereby the therapeutic usage of cannabis is on the rise. Additionally, cannabis soothes epileptic seizures and lessens their intensity. As per the World Health Organization data for 2022, 2.5% of the total 147 million global population were reported to consume cannabis. As a result, the escalating medicinal usage of cannabis fuels the advancement of the cannabis testing market.

What Key Segments Can Be Identified in the Cannabis Testing Market?

1) By Test Type: Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing, Other Test Types

2) By Technology: Chromatography, Spectroscopy, Other Technologies

3) By Portability: Standalone, Hand Held Devices

4) By End User: Testing Laboratories, Drug Manufacturers, Research Institutes, Other End Users

What Trends Are On the Rise in the Cannabis Testing Market?

The trend of forming strategic alliances has become increasingly popular in the cannabis testing market. To consolidate their positions in this market, big corporations are often opting for partnerships. Take, for instance, the US’s Digipath Inc., a cannabis testing laboratory, that teamed up with CASPR Technologies, a Nigeria-based firm specialising in smart indoor environmental technology for healthcare, in March 2022. The main goal of this collaboration is for Digipath to assess and verify the effectiveness of CASPR’s technology in botanical applications, particularly for cannabis and hemp.

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What Regions Are Steering Growth in the Cannabis Testing Sector?

North America was the largest region in the cannabis testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabis testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Cannabis Testing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cannabis testing market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Cannabis Testing Market Include

1. Cannabis Testing Market Executive Summary

2. Cannabis Testing Market Segments

3. Cannabis Testing Market Size And Template Market Growth Rate

4. Key Cannabis Testing Market Trends

5. Major Cannabis Testing Market Drivers

……

25. Key Mergers And Acquisitions In The Cannabis Testing Market

26. Top Cannabis Testing Companies

27. Cannabis Testing Market Opportunities And Strategies

28. Cannabis Testing Market, Conclusions And Recommendations

29. Appendix

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